Oil company Denbury Inc. is exploring options including putting itself up for sale, Bloomberg News reported on Aug. 17, citing people with knowledge of the matter.
The Plano, Texas-based firm, which has a $3.9 billion market cap, is working with an adviser to consider its strategic options, Bloomberg reported.
Denbury’s shares were up 11% at $87.86 in afternoon trading.
The company declined to comment when contacted by Reuters.
Denbury, which exited bankruptcy in September 2020, extracts oil from the Gulf Coast and Rocky Mountains regions using EOR, a process in which carbon dioxide is injected into existing oil fields to push trapped oil out of the ground.
Investors are not paying anywhere near the full value of Denbury’s carbon capture business, MKM Partners analyst Leo Mariani wrote in a note. He added that the company still has hidden value in its CO₂ pipelines.
About 95% of carbon capture and storage capacity in the U.S. is for EOR, according to data from the Global CCS Institute last year.
Recommended Reading
Sources: Citadel Buys Haynesville E&P Paloma Natural Gas for $1.2B
2025-03-13 - Hedge fund giant Citadel’s acquisition includes approximately 60 undeveloped Haynesville locations, sources told Hart Energy.
Glenfarne Deal Makes Company Lead Developer of Alaska LNG Project
2025-03-28 - Glenfarne Group LLC is taking over as the lead developer of the Alaska LNG project with the acquisition of a majority interest in the project from Alaska Gasline Development Corp.
After Big, Oily M&A Year, Upstream E&Ps, Majors May Chase Gas Deals
2025-01-29 - Upstream M&A hit a high of $105 billion in 2024 even as deal values declined in the fourth quarter with just $9.6 billion in announced transactions.
Voyager Midstream Closes on Panola Pipeline Interest Deal
2025-03-19 - Pearl Energy Investments portfolio company Voyager Midstream Holdings has closed on its deal with Phillips 66 for its non-op interest in the Panola Pipeline.
ConocoPhillips Shopping Marathon’s Anadarko Assets for $1B— Source
2025-04-02 - ConocoPhillips is marketing Anadarko Basin assets it picked up through a $22.5 billion acquisition of Marathon Oil last year, Hart Energy has learned.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.